   \textit{Panel A: Production function  }  & \multicolumn{2}{c}{log(Output)} & \multicolumn{2}{c}{log(Output)} & \multicolumn{2}{c}{log(Output)} \\    
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
log(Labor) \hspace{2em}\hspace*{\fill}    $\beta^l$&       0.794&       0.034&       0.699&       0.327&       0.661&       0.041\\
\addlinespace
log(Materials) \hspace{2em}\hspace*{\fill}    $\beta^m$&       0.275&       0.028&       0.222&       0.138&       0.237&       0.080\\
\addlinespace
log(Capital) \hspace{2em}\hspace*{\fill}   $\beta^k$&      -0.008&       0.140&       0.153&       0.075&       0.102&       0.088\\
\addlinespace
Serial correlation TFP \hspace{2em}\hspace*{\fill}    $\rho$&           .&           .&       0.866&       0.198&       0.853&       0.157\\
 &&&&\\ Method &        \multicolumn{2}{c}{OLS} &       \multicolumn{2}{c}{GMM} &       \multicolumn{2}{c}{GMM}\\ RTS & \multicolumn{2}{c}{Free} &      \multicolumn{2}{c}{Free} &      \multicolumn{2}{c}{Fixed at 1.05}  \\  R-squared  &        \multicolumn{2}{c}{.941} & \multicolumn{2}{c}{.938} & \multicolumn{2}{c}{.826} \\  Hansen J-test &       \multicolumn{2}{c}{ } & \multicolumn{2}{c}{2.34} &  \multicolumn{2}{c}{2.72} \\  Hansen J-test p-value &        \multicolumn{2}{c}{ } & \multicolumn{2}{c}{.126}&  \multicolumn{2}{c}{.255} \\  No. firms &    \multicolumn{2}{c}{166} & \multicolumn{2}{c}{159}&  \multicolumn{2}{c}{159} \\  Observations &      \multicolumn{2}{c}{4480} &  \multicolumn{2}{c}{4005}&   \multicolumn{2}{c}{4005}\\ &&&&\\  \hline 
 \textit{Panel B: Markdowns/markups }    &  \multicolumn{2}{c}{}   &  \multicolumn{2}{c}{ }  &  \multicolumn{2}{c}{ }     \\     
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline   &&\\   
Median markdown     &       1.541&       0.193&       1.680&       0.450&       1.486&       0.330\\
\addlinespace
Average markdown    &       1.676&       0.224&       1.828&       0.491&       1.616&       0.361\\
\addlinespace
Median markup       &       0.884&       0.112&       0.714&       0.494&       0.763&       0.287\\
\addlinespace
Average markup      &       0.946&       0.120&       0.764&       0.535&       0.816&       0.315\\
&&&&\\ Method & \multicolumn{2}{c}{OLS} &       \multicolumn{2}{c}{GMM} &       \multicolumn{2}{c}{GMM}\\ RTS & \multicolumn{2}{c}{Free} &      \multicolumn{2}{c}{Free} &      \multicolumn{2}{c}{Fixed at 1.05}  \\  &&&&\\  \hline   
\textit{Panel C: Labor supply }    &  \multicolumn{2}{c}{ log(Wage)}   &  \multicolumn{2}{c}{ log(Wage)}      \\ 
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
log(Employment)     &       0.066&       0.006&       1.009&       0.265\\
 &&&&\\ Method &        \multicolumn{2}{c}{OLS} &       \multicolumn{2}{c}{IV}  \\  First-stage F-statistic && &        \multicolumn{2}{c}{462}\\Hansen J-test&  \multicolumn{2}{c}{ } & \multicolumn{2}{c}{5.92} \\Hansen J-test p-value &        \multicolumn{2}{c}{ } & \multicolumn{2}{c}{.014}  \\   Observations &     \multicolumn{2}{c}{1990} &        \multicolumn{2}{c}{1990}  \\ Firm-level elasticity &      \multicolumn{2}{c}{155.56} &    \multicolumn{2}{c}{10.172} \\ \hline    
